Jeff Bezos, the world's second-richest person, did not wait long to start cashing in on Amazon’s rally to start the year.
Less than two weeks after disclosing a plan to dispose of as many as 50 million shares of the company he founded, Mr Bezos has offloaded 24 million shares, worth more than $4 billion.
The sales took place over four trading days, according to regulatory findings.
It is the first time Mr Bezos has sold stock in the world's biggest online retailer since 2021.
Mr Bezos has not explained why he is selling Amazon shares now. However, the timing of when he instituted the trading plan may provide a clue.
He announced on November 2 that he was moving to Miami, from the Seattle region. He adopted a so-called 10b5-1 plan on November 8.
Washington state instituted a 7 per cent capital gains tax in 2022 – something Florida does not have – meaning Mr Bezos’s relocation is probably saving him $288 million so far.
Because Mr Bezos has only ever bought a single share of Amazon, it is safe to assume he has owned the stock since the company was founded and, therefore, virtually all of their value would be considered capital gains.
Top 10 richest people in the world in 2023 - in pictures
-
Bernard Arnault, head of luxury group LVMH, is currently the world's richest person with $223.4 billion, according to the Bloomberg Billionaires Index. AFP -
Amazon founder Jeff Bezos is the second-richest person in the world with a net worth of $207.3 billion. AFP -
Meta founder and chief executive Mark Zuckerberg is now the third-richest person in the world with a net worth of $186.9 billion. AFP -
Elon Musk has dropped back to fourth place on the Bloomberg Billionaire's Index with a personal fortune of $180.6 billion. Reuters -
Fifth is Microsoft founder and philanthropist Bill Gates, with a personal fortune of $153 billion. AFP -
Sixth place goes to Steve Balmer, former chief executive of Microsoft and owner of the Los Angeles Clippers basketball team, with a net worth of $147 billion. AP -
Berkshire Hathaway chairman and chief executive Warren Buffett is the world's seventh-richest person with a net worth of $138 billion. AP -
Taking eighth spot is Google co-founder Larry Page, with a net worth of $138 billion. AP -
Next up is Oracle co-founder Larry Ellison, who is worth $137 billion. AFP -
Google co-founder Sergey Brin is the 10th-richest person in the world with a net worth of $131 billion. Image Press Agency
Amazon shares were up 13 per cent this year through to Monday’s close, the last day on which Mr Bezos sold shares, according to a filing. They slipped 2.2 per cent to $168.64 on Tuesday.
A tax bill of $288 million would be a significant windfall for Washington, which raised $855 million from the capital gains tax last year, more than half of which came from only 10 people, according to state officials.
